Marco Santori, Blockchain’s Chief Legal Officer and a fintech advisor to the IMF, gave his insight on the recent XLM air-drop, which is the “largest air-drop/giveaway in history” of cryptocurrencies. According to the company’s official website, the first air-drop is scheduled to happen this week.
The company intends to give away a total of $125 million in Stellar Lumens [XLM]. The news of the air-drop was also announced on Twitter.
During this podcast interview by Anthony Pompliano, he spoke about how these air-drops increase cryptocurrency adoption.
Santori said that he got his first cryptocurrency because he accepted them as a form of payment for his legal services. He said, “earning crypto for actually doing work is sometimes really hard”. He added that the most difficult thing about getting into crypto was getting crypto.
Additionally, Santori spoke on how Blockchain as a company provides a portal for people to get into cryptocurrencies and actually buy it instead of working for it or mining it or buying it at some “shady ICO”. He added that they [Blockchain] were looking for a better way to help people buy cryptocurrencies.
Marco Santori stated:
“As a creator, you’ve got a bunch of crypto and you want people to use it, but getting people to use it is them actually having it, so air drops put crypto in the hands of many people. So what an airdrop can do is put crypto in the hands of many people can take crypto out of the hands of just a few usually a few creators and put it in the hands of many people.”
Santori said that with Blockchain, people are actually in control of their cryptocurrencies with their own private key with them and not some intermediaries like banks or financial institutions. He said that unlike other companies, Blockchain does not accept fees for listing and that they do it for users and mass adoptions of cryptocurrencies which is their guiding principle.
He then proceeded to explain that the recently announced Stellar’s XLM air-drop was based on those guiding principles. Marco continued to explain the reason for “free air-drop” saying that it is a “unique crypto element” and said:
“The more the people use, the more valuable each particular coin is in-terms of actual functionality…so if you are a creator you can benefit from these network effects that drive the adoption, that drive the actual functional use of your token.”
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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